Budget 2016: Everything You Need to Know

  • Growth forecasts DOWN from 2.4% to 2% in 2016, from 2.5% to 2.2% in 2017 and from 2.4% to 2.1%in 2018
  • Public spending CUT to 36.9% of GDP, down from 45% in 2010
  • £3.5 billion extra CUT by 2019/20
  • Disability budget rises by £1 billion
  • International aid CUT £650 million by 2019-2020
  • Debt target as percentage of GDP for this year MISSED
  • Borrowing UP from £4.6 billion to £21.4 billion in 2018-19
  • Debt 79.9% of GDP in 2018/19
  • OBR forecasts over £40 billion MORE borrowing
  • Deficit reduction plan REVISED AGAIN: 2016/17 £55.5 billion deficit (+£6 billion), 2017/18 £38.8 billion deficit (+£14 billion), 2018/19 £21.4 billion deficit (+£21.5 billion), 2019/20 £10.4 billion surplus (+£0.3 billion higher)
  • Corporation tax CUT to 17%
  • Business rates CUT so 600,000 small businesses will pay no rates at all
  • Tax CUTS for North Sea oil and gas industry
  • Michael Heseltine to head up commission looking Thames Estuary growth
  • New mayors for some English counties
  • London fully retaining business rates
  • High Speed 3 between Manchester and Leeds
  • All schools to become academies
  • Maths compulsory in schools until 18
  • SUGAR LEVY on soft drinks
  • Sugar tax will raise £520 million
  • Fuel duty FROZEN again, beer duty FROZEN
  • NI contributions SCRAPPED for self-employed workers
  • Capital gains tax CUT from 28% to 20%, for basic rate taxpayers down from 18% to just 10%
  • ISA limit UP to from £15,000 to £20,000
  • New lifetime ISA for under 40s: save up to £4,000 and get up £1,000 bonus from the government per year
  • Tax free personal allowance to RISE to £11,500 from April 2017
  • 40p tax threshold RISES to £45,000 next year



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Theresa May tells Bercow:

“Mr Speaker-elect, can I congratulate you on your re-election. At least someone got a landslide.”

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